Nasdaq Up Triple Digits as Investors Bet on Rate Cut

Big Tech stocks are in rally mode this afternoon

Fernanda Horner

Digital Content Manager

Nov 7, 2024 at 11:54 AM

The Nasdaq Composite (IXIC) is up 227 points this afternoon, and earlier hit a fresh record high as Big Tech stocks rally on bets that the Federal Reserve will cut interest rates later today. The S&P 500 Index (SPX) and Dow Jones Industrial Average (DJI) also nabbed new all-time highs, though the latter is trading back below breakeven as financial stocks take a breather after surging on election results.

Continue reading for more on today's market, including:

Arm stock higher after post-earnings bull notes.
Beat-and-raise lifts another semiconductor stock.
Plus, LYFT options red-hot; UAA eyes best day ever; and Wolfspeed's lackluster forecast.

Ridesharing concern Lyft Inc (NASDAQ:LYFT) is seeing unusual options activity after the company's strong third-quarter earnings and revenue, as well as its upbeat current-quarter gross bookings outlook. So far today, 106,000 calls and 40,000 puts have been exchanged, which is 7 times the volume typically seen at this point. Most active is the December 20 call, where new positions are being opened. LYFT was last seen up 26.8% at $18.26 -- its highest level since April -- after seeing 10 price-target hikes. Shares are pacing for their best day since February, and sport a 23% lead for 2024.

LYFT Intraday

Under Armour Inc (NYSE:UAA) is one of the best stocks on the New York Stock Exchange (NYSE) today, after the apparel retailer raised its 2025 profit forecast on cost savings measures. The company's fiscal second-quarter results also beat expectations. Shares are up 35.7% to trade at a 52-week high of $11.87 at last glance, and are pacing for their best single-day percentage gain on record. So far this year, UAA added 32.9%.

Meanwhile, Wolfspeed Inc (NYSE: WOLF) stock is the worst stock on the NYSE, down 23.4% to trade at $10.50 at last glance. Today's bear gap follows a lackluster forecast for the fiscal second quarter, and a fiscal first-quarter revenue miss due to restructuring and factory start-up costs. Shares are on track for their worst day since January 2005 and carry a 75.7% year-to-date deficit.

Getting Started With Options:
OPTIONS BASICS

Are you ready to start learning about options, and how to use them for faster profits? Our FREE GUIDE breaks down basic options trading concepts and vocabulary, how options derive their value, advantages and disadvantages, trading mechanics, and more!

Follow @Schaeffers

Two High-Octane Trade Ideas. One Simple Goal: Intraday Profits.

Dynamite Day Trading Signals delivers two same-day options trades every week — powered by proprietary intraday analysis and 43+ years of trading expertise.

But this isn’t just another stream of alerts.

It’s a structured plan with clear entry and exit points – designed for traders who want to act fast, trade smart, and wrap up gains before the closing bell.

No guesswork. No overnight exposure – Just two well-researched setups per week — whether you prefer buying premium or selling it.

And the results speak for themselves: subscribers have locked in +245.8% total profit over the last six months (since inception!).

👉 Start your one-month trial now for just $10, and be ready for the next trade alert.